An activist investor in Tix Corp. has joined the company’s board of directors, it was announced Monday.
Haren Bhakta joins Michael Fisk and Jeremy Weiner in being appointed to the board of the Studio City discount ticket seller.
Bhakta, Fisk and Weiner replace four incumbent company directors who were re-elected at the company’s annual meeting on Sept. 27, but stepped down to allow the appointees to take their place. Shareholders also re-elected four other directors: Tix Chief Executive Mitch Francis, Norman Feirstein, Jordan Fiksenbaum and David Sax.
Bhakta has led an effort for more than a year to get a slate of candidates elected to the Tix board to correct what he believes is mismanagement at the company. Bhakta is an investor in Tix through his firm HSB Capital Partners in Santa Ana, which owns about 5 percent of the stock.
Bhakta reached a resolution with Tix with the appointment of himself, Fisk and Weiner to the board.
“Michael Fisk, Jeremy Weiner and I are committed to working diligently with the management team and our fellow members of the board of directors towards our shared goal of maximizing value for all stockholders,” Bhakta said in a statement.
“We now look forward to resuming our focus on the business of the company and devoting our full attention to the implementation of our strategic plan and delivering value to stockholders,” Francis added in a statement.
Tix has kiosks under its Tix4Tonight subsidiary discount selling tickets in Las Vegas for shows, concerts and other attractions, as well as discount dining and shopping offers.
On Monday shares of Tix (TIXC) closed up 6 cents, or more than 12 percent, to 53 cents on the over-the-counter market.